21:52:33 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Integrated Asset Management Corp
Symbol IAM
Shares Issued 27,724,127
Close 2018-10-15 C$ 1.90
Market Cap C$ 52,675,841
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Integrated Asset closes $23-million loan to Wolverine

2018-10-16 11:06 ET - News Release

Mr. Jeffrey Deacon reports

INTEGRATED ASSET MANAGEMENT CORP. ANNOUNCES ACQUISITION FINANCING FOR WOLVERINE MANAGEMENT SERVICES INC.

On Sept. 27, 2018, Integrated Asset Management Corp. closed a $23-million senior term loan to Wolverine Management Services Inc. This financing represents Integrated's fourth transaction with Wolverine, following the initial loan in July, 2016, a second loan in June, 2017, and a third loan earlier in 2018. The capital will be used to finance the acquisition of three distinct oil and gas service businesses with significant assets and a diverse client base in Northern Alberta, British Columbia and the northwestern United States.

Wolverine provides services for oil and gas companies, and ensures optimal operations for upstream, mid-stream and downstream customers. Core services include equipment rentals, well-site services, construction, seismic, trucking and logistics. This latest acquisition will help Wolverine expand its customer base and service offerings into the water management, transportation and well-site safety sectors.

Jeffrey Deacon, managing director of Integrated Private Debt Group, said: "Wolverine has continued to perform well and execute on their strategic initiatives. The company's operating performance remained strong even during the recent downturn in Western Canada, which speaks to the strength of the management team. We are pleased to provide continuing support to Wolverine as they grow, and we believe this latest acquisition will provide significant value to the company."

About Integrated Asset Management Corp.

Integrated Asset Management is one of Canada's leading alternative asset management companies with approximately $2.3-billion in assets and committed capital under management in real estate, infrastructure debt and private debt.

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